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1、Ch2-1Chapter 2Chapter 2 The External Environment:The External Environment:Opportunities,Threats,Industry Opportunities,Threats,Industry Competition,and Competitor AnalysisCompetition,and Competitor AnalysisCh2-3Stakeholders:Groups who are affected by a firms Groups who are affected by a firms perfor
2、mance and who have claims on its performance and who have claims on its wealthwealthThe firm must maintain The firm must maintain performance at an adequate level in performance at an adequate level in order to maintain the participation order to maintain the participation of key stakeholdersof key
3、stakeholdersOrganizationalOrganizationalOrganizationalEmployeesEmployeesEmployeesManagersManagersManagersNon-ManagersNon-ManagersNon-ManagersFirmFirmCapital MarketCapital MarketCapital MarketStock market/InvestorsStock market/InvestorsStock market/InvestorsDebt suppliers/BanksDebt suppliers/BanksDeb
4、t suppliers/BanksProduct MarketProduct MarketProduct MarketPrimary Customers Primary Customers Primary Customers SuppliersSuppliersSuppliersCh2-5Political/Political/LegalLegalEconomicEconomicTechnologicalTechnologicalGlobalGlobalDemographicDemographicSocioculturalSocioculturalCompetitiveCompetitiveE
5、nvironmentEnvironmentIndustry Industry EnvironmentEnvironmentComponents of the General EnvironmentComponents of the General EnvironmentCh2-12Components of the General EnvironmentComponents of the General EnvironmentCh2-13External Environmental AnalysisExternal Environmental AnalysisThe external envi
6、ronmental analysis process should be The external environmental analysis process should be conducted on a continuous basis.This process includes conducted on a continuous basis.This process includes four activities:four activities:ScanningScanningMonitoringMonitoringForecastingForecastingAssessingAs
7、sessingIdentifying early signals of environmental Identifying early signals of environmental changes and trendschanges and trendsDetecting meaning through ongoing observations Detecting meaning through ongoing observations of environmental changes and trendsof environmental changes and trendsDevelop
8、ing projections of anticipated outcomes Developing projections of anticipated outcomes based on monitored changes and trendsbased on monitored changes and trendsDetermining the timing and importance of Determining the timing and importance of environmental changes and trends for firms environmental
9、changes and trends for firms strategies and their managementstrategies and their managementCh2-15Threat of Threat of New New EntrantsEntrantsThreat of Threat of New New EntrantsEntrantsPorters Five Forces Porters Five Forces Model of CompetitionModel of CompetitionCh2-16Threat of New EntrantsThreat
10、of New EntrantsBarriers to Barriers to EntryEntryExpected RetaliationExpected RetaliationGovernment PolicyGovernment PolicyEconomies of ScaleEconomies of ScaleProduct DifferentiationProduct DifferentiationCapital RequirementsCapital RequirementsSwitching CostsSwitching CostsAccess to Distribution Ch
11、annelsAccess to Distribution ChannelsCost Disadvantages Independent Cost Disadvantages Independent of Scaleof ScaleCh2-17Bargaining Bargaining Power of Power of SuppliersSuppliersThreat of New EntrantsThreat of Threat of New New EntrantsEntrantsPorters Five Forces Porters Five Forces Model of Compet
12、itionModel of CompetitionCh2-18Bargaining Power of SuppliersBargaining Power of SuppliersSuppliers exert power Suppliers exert power in the industry by:in the industry by:*Threatening to raiseThreatening to raiseprices or to reduce qualityprices or to reduce qualityPowerful suppliers Powerful suppli
13、ers can squeeze industry can squeeze industry profitability if firms profitability if firms are unable to recover are unable to recover cost increasescost increasesSuppliers are likely to be powerful if:Suppliers are likely to be powerful if:Supplier industry is dominated by a Supplier industry is d
14、ominated by a few firmsfew firmsSuppliers products have few substitutesSuppliers products have few substitutesBuyer is not an important customer to Buyer is not an important customer to suppliersupplierSuppliers product is an important Suppliers product is an important input to buyers productinput t
15、o buyers productSuppliers products are differentiatedSuppliers products are differentiatedSuppliers products have high Suppliers products have high switching costsswitching costsSupplier poses credible threat of Supplier poses credible threat of forward integrationforward integrationCh2-19Steel Dyna
16、mics vs.GM(2004)Compare stock prices over the last twelve monthsCh2-20Bargaining Bargaining Power of Power of BuyersBuyersThreat of New EntrantsThreat of Threat of New New EntrantsEntrantsBargaining Bargaining Power of Power of SuppliersSuppliersPorters Five Forces Porters Five Forces Model of Compe
17、titionModel of CompetitionCh2-21Bargaining Power of BuyersBargaining Power of BuyersBuyers compete Buyers compete with the supplying with the supplying industry by:industry by:*Bargaining down pricesBargaining down prices*Forcing higher quality*Forcing higher quality*Playing firms off of*Playing fir
18、ms off ofeach othereach otherBuyer groups are likely to be powerful if:Buyer groups are likely to be powerful if:Buyers are concentrated or purchases Buyers are concentrated or purchases are large relative to sellers salesare large relative to sellers salesPurchase accounts for a significant Purchas
19、e accounts for a significant fraction of suppliers salesfraction of suppliers salesProducts are undifferentiatedProducts are undifferentiatedBuyers face few switching costsBuyers face few switching costsBuyers industry earns low profitsBuyers industry earns low profitsBuyer presents a credible threa
20、t of Buyer presents a credible threat of backward integrationbackward integrationProduct unimportant to qualityProduct unimportant to qualityBuyer has full informationBuyer has full informationCh2-22Threat of Threat of Substitute Substitute ProductsProductsThreat of New EntrantsThreat of Threat of N
21、ew New EntrantsEntrantsBargaining Bargaining Power of Power of BuyersBuyersBargaining Bargaining Power of Power of SuppliersSuppliersPorters Five Forces Porters Five Forces Model of CompetitionModel of CompetitionCh2-23Threat of Substitute ProductsThreat of Substitute ProductsProducts Products with
22、similar with similar functionfunction limit the limit the prices firms prices firms can chargecan chargeKeys to evaluate substitute products:Keys to evaluate substitute products:Products with improving Products with improving price/performance tradeoffs price/performance tradeoffs relative to presen
23、t industry relative to present industry productsproductsExample:Example:Electronic security systems in Electronic security systems in place of security guardsplace of security guardsFax machines in place of Fax machines in place of overnight mail deliveryovernight mail deliveryCh2-24Threat of Threat
24、 of Substitute Substitute ProductsProductsThreat of New EntrantsThreat of Threat of New New EntrantsEntrantsRivalry Among Rivalry Among Competing Firms Competing Firms in Industryin IndustryBargaining Bargaining Power of Power of BuyersBuyersBargaining Bargaining Power of Power of SuppliersSuppliers
25、Porters Five Forces Porters Five Forces Model of CompetitionModel of CompetitionCh2-25Rivalry Among Existing CompetitorsRivalry Among Existing CompetitorsIntense rivalry often plays out in the following ways:Intense rivalry often plays out in the following ways:Jockeying for strategic positionJockey
26、ing for strategic positionUsing price competitionUsing price competitionStaging advertising battlesStaging advertising battlesMaking new product introductionsMaking new product introductionsIncreasing consumer warranties or serviceIncreasing consumer warranties or serviceOccurs when a firm is pressu
27、red or sees an opportunityOccurs when a firm is pressured or sees an opportunityPrice competition often leaves the entire industry worse offPrice competition often leaves the entire industry worse offAdvertising battles may increase total industry demand,but Advertising battles may increase total in
28、dustry demand,but may be costly to smaller competitorsmay be costly to smaller competitorsCh2-26CutthroatCutthroat competitioncompetition is more likely to occur when:is more likely to occur when:Rivalry Among Existing CompetitorsRivalry Among Existing CompetitorsNumerous or equally balanced competi
29、torsNumerous or equally balanced competitorsSlow growth industrySlow growth industryHigh fixed costsHigh fixed costsLack of differentiation or switching costsLack of differentiation or switching costsHigh storage costsHigh storage costsCapacity added in large incrementsCapacity added in large increm
30、entsHigh strategic stakesHigh strategic stakesHigh exit barriersHigh exit barriersDiverse competitorsDiverse competitorsCh2-27High exit barriersHigh exit barriers are economic,strategic and are economic,strategic and emotional factors which cause companies to remain emotional factors which cause com
31、panies to remain in an industry even when future profitability is in an industry even when future profitability is questionable.questionable.Specialized assetsSpecialized assetsFixed cost of exit(e.g.,labor agreements)Fixed cost of exit(e.g.,labor agreements)Emotional barriersEmotional barriersGover
32、nment and social restrictionsGovernment and social restrictionsStrategic interrelationshipsStrategic interrelationshipsRivalry Among Existing CompetitorsRivalry Among Existing CompetitorsCh2-32High,Risky High,Risky ReturnsReturnsEntry BarriersExit BarriersHighLowHighLowLow,Stable Low,Stable ReturnsR
33、eturnsHigh,Stable High,Stable ReturnsReturnsLow,Risky Low,Risky ReturnsReturnsEffects of Entry Barriers and Exit Effects of Entry Barriers and Exit Barriers on Industry ProfitsBarriers on Industry ProfitsCh2-33Competitor AnalysisCompetitor AnalysisThe follow-up to Industry Analysis is The follow-up
34、to Industry Analysis is effective analysis of a firms effective analysis of a firms CompetitorsCompetitorsCompetitiveCompetitiveEnvironmentEnvironmentIndustry Industry EnvironmentEnvironmentCh2-34Competitor AnalysisCompetitor AnalysisAssumptionsAssumptionsWhat assumptions do our competitors hold abo
35、ut the future of industry and themselves?Current StrategyCurrent StrategyDoes our current strategy support changes in the competitive environment?Future ObjectivesFuture ObjectivesHow do our goals compare to our competitors goals?CapabilitiesCapabilitiesHow do our capabilities compare to our competi
36、tors?ResponseResponseWhat will our What will our competitors do in the competitors do in the future?future?Where do we have a Where do we have a competitive competitive advantage?advantage?How will this change How will this change our relationship with our relationship with our competition?our compe
37、tition?Ch2-35Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals compare to our competitors goals?to our competitors goals?Where will emphasis be Where will emphasis be placed in the future?placed in the future?What is the attitude What is the attitude toward risk?toward risk
38、?What Drives the competitor?Competitor AnalysisCompetitor AnalysisCh2-36What is the competitor doing?What can the competitor do?Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals compare to our competitors goals?to our competitors goals?Where will emphasis be Where will emph
39、asis be placed in the future?placed in the future?What is the attitude What is the attitude toward risk?toward risk?Current StrategyCurrent StrategyHow are we currently How are we currently competing?competing?Does this strategy Does this strategy support changes in the support changes in the compet
40、itive structure?competitive structure?Competitor AnalysisCompetitor AnalysisCh2-37What does the competitor believe about itself and the industry?Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals compare to our competitors goals?to our competitors goals?Where will emphasis b
41、e Where will emphasis be placed in the future?placed in the future?What is the attitude What is the attitude toward risk?toward risk?Current StrategyCurrent StrategyHow are we currently How are we currently competing?competing?Does this strategy Does this strategy support changes in the support chan
42、ges in the competition structure?competition structure?Do we assume the future Do we assume the future will be volatile?will be volatile?Are we assuming stable Are we assuming stable competitive conditions?competitive conditions?What assumptions do our What assumptions do our competitors hold about
43、the competitors hold about the industry and themselves?industry and themselves?AssumptionsAssumptionsCompetitor AnalysisCompetitor AnalysisCh2-38What are the competitors capabilities?Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals compare to our competitors goals?to our c
44、ompetitors goals?Where will emphasis be Where will emphasis be placed in the future?placed in the future?What is the attitude What is the attitude toward risk?toward risk?Current StrategyCurrent StrategyHow are we currently How are we currently competing?competing?Does this strategy Does this strate
45、gy support changes in the support changes in the competition structure?competition structure?Do we assume the future Do we assume the future will be volatile?will be volatile?Are we operating under Are we operating under a status quo?a status quo?What assumptions do our What assumptions do our compe
46、titors hold about the competitors hold about the industry and themselves?industry and themselves?AssumptionsAssumptionsWhat are my competitors What are my competitors strengths and weaknesses?strengths and weaknesses?How do our capabilities How do our capabilities compare to our compare to our compe
47、titors?competitors?CapabilitiesCapabilitiesCompetitor AnalysisCompetitor AnalysisCh2-39Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals compare to our competitors goals?to our competitors goals?Where will emphasis be Where will emphasis be placed in the future?placed in th
48、e future?What is the attitude What is the attitude toward risk?toward risk?Current StrategyCurrent StrategyHow are we currently How are we currently competing?competing?Does this strategy Does this strategy support changes in the support changes in the competition structure?competition structure?Do
49、we assume the future Do we assume the future will be volatile?will be volatile?Are we operating under Are we operating under a status quo?a status quo?What assumptions do our What assumptions do our competitors hold about the competitors hold about the industry and themselves?industry and themselves
50、?AssumptionsAssumptionsResponseResponseWhat will our competitors What will our competitors do in the future?do in the future?Where do we have a Where do we have a competitive advantage?competitive advantage?How will this change our How will this change our relationship with our relationship with our